The Central Bank of the Philippines is working on stricter safety measures for online gambling platforms.

Bank officials stated that these measures are intended to safeguard financial consumers from potential risks associated with online gambling.

Online Gambling: A Rising Issue in the Philippines

During President Rodrigo Duterte’s administration, which lasted from 2016 to 2022, the online gaming industry in the Philippines saw significant growth. It was registered as home to hundreds of gambling companies that employed about 500,000 foreign workers and supported related businesses.

The Need for Regulation

With the rapid expansion of gaming and gambling industries came concerns over addiction and financial issues among active players. Current President Ferdinand R. Marcos, Jr., has highlighted that digitalization in the country has made online gambling both more accessible and potentially more destructive to citizens.

The Department of Finance is proposing a tax on online gambling and exploring additional measures like setting limits on playing time or cash-in.

To address these issues, the central bank is finalizing new regulations that will require e-wallets, banks, and other financial service providers to implement stronger safeguards against the negative impacts of online gambling.